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I am with UCGal about this one – mainly…

I am going to take the middle ground in this match. I have close friends that are almost in the same situation as sdr’s friend. Those people can rent a nice pretty big house, pay debt and save for downpayment. They can still have a very good lifestyle. But for such high income and good debt to loan ratios I think it would be a reasonable exception for the downpayment to be 10% and not 20% if they don’t have any student loans debt. Very low risk – for the current conditions.

(begin rant) Since sdr talked about advanced degrees, I have a PhD and for people like us there wouldn’t be any exceptions made… PhDs won’t ever have the income the MDs have, not even half of that. If we get into six figures that’s very fortunate and happens after 6 years of grad studies, 3-6 years of postdocs with salaries in the 20s and 30s (usually when they start having kids in their 30s) and a few more years in industry or as an assistant professor. So it’s around age 40 – when one finally is able to START saving for downpayment (from previous salaries, barely enough to save some for retirement). True, they won’t have much student debt (usually PhD students are payed a very modest stipend or they help with research and teaching). Same type of sacrifices. How long do you think it takes a pair of PhDs to save 100K for a house that’s going to be much less than the one that your doctor friend would buy (guaranteed!). yeah, quite a few years. What quality of life is that, sdr? Are you saying MDs more deserving that PhDs? (end rant)

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It would be interesting to see a similar graph but with “average” 30yr fixed mortgage rates…

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It would be interesting to see a similar graph but with “average” 30yr fixed mortgage rates…

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It would be interesting to see a similar graph but with “average” 30yr fixed mortgage rates…

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It would be interesting to see a similar graph but with “average” 30yr fixed mortgage rates…

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It would be interesting to see a similar graph but with “average” 30yr fixed mortgage rates…

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[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

Sorry for asking a dumb question, but I am curious how are those rates correlated with the 30yr fixed mortgage rates?

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Sorry for asking a dumb question, but I am curious how are those rates correlated with the 30yr fixed mortgage rates?

[Scarlett]

Sorry for asking a dumb question, but I am curious how are those rates correlated with the 30yr fixed mortgage rates?

[Scarlett]

Sorry for asking a dumb question, but I am curious how are those rates correlated with the 30yr fixed mortgage rates?

[Author]

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